PARIS (Reuters) - French energy group Total (PA:TOTF) announced plans on Monday to step up cost cuts and suspend its share buyback program in order to deal with a slump in oil prices.
Total CEO Patrick Pouyanne said that given oil prices at $30 per barrel, Total would now target organic capital expenditure cuts of more than $3 billion.
The company will also target $800 million in 2020 savings on operating costs compared to 2019, instead of the $300 million previously announced, and suspend its share buyback program.